Porsche becomes Europe’s most valuable automaker

Porsche took the top position as Europe’s most valuable automaker on Thursday, after overtaking former parent Volkswagen as the price of the sportscar maker’s newly-listed shares accelerated higher.

Although Porsche shares dropped below its listing price on Monday to 81 euros, in line with a wider fall in markets, they increased to 93 euros ($91.95) at 1023 GMT, giving the sportscar brand a market valuation of 85 billion euros.

The rise pushes Porsche’s valuation higher than Volkswagen‘s 77.7 billion euros.

Mercedes-Benz comes in third among European automakers with a 57.2 billion euro valuation, followed by 47.5 billion euros and Stellantis (STLA.MI) with 39.7 billion.